Dow gaining 89 poingtds. S p gaining 0. 75. Nasdaq up 0. 89 . With the rally being led by tech and oil, i would say the answer is a resounding yes what do i mean by both fang and fang . Suddenly there are two of them . Where did that come from . Okay. You know my original acronym for facebook, amazon, netflix and google, which is now alphabet. But whats the other fang . Thats the growth oiling, diamond energy, which trades on the symbol fang. The company is growing its production with a 30 clip. With the price of oil charging back up to 48 bucks on word that russia is willing to freeze production, this growth oil stock is about as exciting relative to the other Natural Resource plays as fang is to the rest of tech. The story of two fangs. Lets back up a little. Whats really driving this phase of the trump rally . In the first phase, we had a visceral rebound in the banks because whatever your political leanings, theres no deny the Hillary Clinton win, which nearly everyone expected, wo
19,000 for the first time today as well. Yeah. I think context is important here, scott. The russell had actually had the toughest time. A lot of that had to do with the huge earnings revisions downward because of energy and industrial and things of that nature. That is now reversed multiples expanding and weve seen the repair being done to forward looking earnings estimates. I just want to make a broader point, and this is really important. On the s p 500 it is not abnormal to make new highs. Its perfectly normal. Going back to inception, the 1950s, the s p 500 has posted 1,100 new closing highs on 5 of all days were making a new high. People looking at that in and of itself as being a sell signal or knee jerk contrarianism in general could be very expensive here. Its important to understand that this is not whacky. Its perfectly normal. Sell signal hitting these new highs. All four major averages, if you include the russell for the First Time Since 1999 or just a si signal this could
E going to blow thee on. audience laughing mrs. Naugatuck, this is going to be a fabulous party, the most fantastic party ever. I mean, i guarantee you, this is not going to be one of those typical new years eve disasters where all the guests sit around waiting for guy lombardo to come on while two drunks throw up in their paper hats. audience laughing your dull partys going to be any better . Because i have a big surprise, the greatest, most funfilled idea i have ever had for a party. And id tell you what it is, except you have a big mouth. audience laughing i couldnt care less. Youre going to hear it whether you want to or not. audience laughing do you know what it is . Do you know what it is . Something that hasnt been done in years. Isnt that marvelous . I planted little gifties all over the house. The guest who finds the most little gifties gets a really big giftie as a prize. Whats the prize . A paper hat to throw up in . audience laughing mrs. Naugatuck, dont be silly. Its going
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See it . See it, flat nose . Hey, hey, look, look. Hey, go get it, flat nose. Go get it, boy. Go get it, flat nose. Get up there, flat nose that fella gotta kiss you now. Get up there, flat nose. Go, go, go, flat nose. [ indistinct chatter ] [ cheers and applause ] [ indistinct chatter ] okay, now, hold it one second. Before we come back. Stay there a second, one second. Now youre gonna let him youre gonna let him go get the pillow . Yeah, then i wanna see that fella kiss him. Yeah, okay. [ laughter ] flat nose, hey, hey. Go get it, flat nose. Go get it, boy. Go get it, flat nose. Go, go, flat nose. Get up that there tree, flat nose. Go, flat nose. Go, flat nose. [ cheers and applause ] [ indistinct chatter ] doc, this is, uh id like you to meet [ cheers and applause ] doc, id like you to meet flat nose. You have any message for flat nose at all . I think flat nose is my date for tonight. Okay. Barney, its nice to meet you. Yeah, man. Thank you. Thanks for coming. Enjoy meetin you. Hav